Brazil raises interest rates by 3 points to 25%

Brazil's central bank on Wednesday increased its key interest rate by 3 percentage points to 25 per cent in an effort to crush growing inflation as the government-elect pledged to press ahead with central bank reforms and austerity measures. It is the third consecutive rise in as many months, totalling 7 percentage points, as the central bank seeks to combat the threat of inflation.

The increase to the overnight lending rate was larger than expected but welcomed by much of the financial market

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